Balls to highlight case for more financial education

Ed Balls, the secretary of state for children, schools and families, is set to make the case for ensuring young people around the UK gain the financial skills they need.

Mr Balls is to address delegates at an event being staged by the Association of Friendly Societies (AFS) on Friday October 5th and will aim to make clear that financial literacy has to improve if the next generation of British consumers are to avoid debt management problems.

The ASF is comprised of various financial services firms that offer child trust fund (CTF) schemes, which Mr Balls views as a useful tool in helping young people engage with money-related matters.

Martin Shaw, general secretary of the AFS, said: “The government’s CTF initiative is providing friendly societies with an opportunity to encourage financial literacy and awareness amongst younger generations.

“We look forward to welcoming Ed Balls to our annual conference and learning more about the government’s ongoing commitment to financial education.”

Research conducted recently by the Association for Business Recovery Professionals suggested that the burden of unsecured debt management rests most heavily on the youngest generations of UK consumers.

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